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1988-06-17 Resolution 8
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1988-06-17 Resolution 8
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7/17/2008 11:50:07 AM
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(unless the Authority shall, in good faith, contest any <br />of said taxes, in which event the facts concerning such <br />• contest shall be set forth); also stating that all <br />insurance premiums required by the terms of this <br />Agreement to be paid by the Authority upon the Facility <br />have been duly paid. <br />The Authority further covenants that all books, <br />documents and vouchers relating to the properties, business and <br />affairs of the Authority shall at all times be open to the <br />inspection of such accountants or other agents as the Trustee may <br />from time to time designate. <br />Sec. 5.08. The Authority covenants that it will not <br />guarantee, endorse or otherwise become surety for or upon the <br />indebtedness of others except by endorsement of negotiable <br />instruments for deposit or collection in the ordinary course of <br />business, and that it will not sell its accounts receivable. <br />Sec. 5.9. The Authority covenants that it will not <br />acquire any property,. real or personal, subject to an existing <br />mortgage or other encumbrance, except as permitted by Sec. 5.10. <br />Sec. 5.10. The Authority covenants that it will not <br />incur any indebtedness other than the Bonds secured by this <br />Agreement. unless such additional indebtedness is payable solely <br />from income of the Authority other than the rental payments <br />. provided for in the Lease as long as .any of the Bonds are <br />outstanding. This section shall not be construed to prohibit the <br />issuance of refunding bonds and the pledging of lease rentals to <br />be received after the redemption of the Bonds. <br />Sec. 5.11. The Authority covenants that it has entered <br />into a valid and binding Lease of the Facility to the Commission, <br />and that a full, true and correct copy of said Lease is on file <br />with the Trustee... The Authority covenants further. that it will <br />bring suit to mandate the governing board or officials of the <br />Lessee to levy a tax to pay the .rental provided in said Lease, or <br />take such other action to .enforce the Lease as is reasonably <br />requested by the Trustee, if such rental is more than sixty (60) <br />days in default. <br />The Authority covenants that it will not agree to any <br />modification of the terms of said Lease which would substantially <br />impair or reduce the security of the holders of the Bonds. <br />described herein or agree to a termination thereof,. or agree to a <br />reduction of the lease rental provided for therein which would <br />inhibit payment of debt service on the Bonds until all <br />indebtedness secured by this Agreement is fully paid, except upon <br />compliance with the provisions of Sec. 10.02. The Authority <br />further covenants that any modification permitted by this <br />paragraph will be .made only after a copy thereof has been filed <br />with the Trustee. <br />• Sec. 5.12. The Authority covenants that whenever there <br />are sufficient funds held by the Trustee in the Sinking Fund <br />-18- <br />
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